Important collection restaurants
The long/short ratio of Ens is at 0.8034, indicating that bears are currently rule. The Altcoin Can only be bullish if it closes the daily candle above the level of $ 30.20.
On July 23, the total cryptomarkt experienced a price correction.
In the midst of this, Ethereum Name Service [ENS] reached a key resistance level, where it started to be confronted with sales pressure and at the time of the press seemed ready for a price decrease.
Why can Ens the price valleys?
Ens was at $ 27.80 at the time of writing after a price die of 3.5% in the last 24 hours.
During this period it actively registered an intraday height of $ 29.93, from which it is consistently reversed due to a strong sales pressure.
Despite the price fall, the participation of investors has been raised, which leads to an increase of 85% in trade volume.
According to the technical analysis of Ambcrypto, Ens seemed to be in an uptrend, but due to an overburdened price in recent days, it was now actively confronted with a correction.
In a smaller period of time, in particular the 4-hour graph, it seemed to have formed a bearish triple-top price action pattern in a textbook style.
The Altcoin has violated its local support at $ 28, which has now opened the path for further price decrease.
Source: TradingView
If Ens continues to fall, there is a strong possibility that it can fall by 8% and reach the level of $ 25.20.
These Bearish Price forecast has been further enhanced by recent trading activities, as revealed by the On-Chain Analytics Tool Coinglass.
At the moment, the long/short ratio of Ens was 0.8034, which indicates a strong bearish sentiment. In addition, 44.55% of the top traders gambled on bullish long positions, while 55.45% were on Bearishest positions.
Source: Coinglass
So it seems that the bears dominate.
Explore a bullish scenario
These Bearish front views can only end when the assets meets, violates the most important resistance level of $ 29.90 and closes above $ 30.20.
This can ensure that it becomes active bullish, possibly an increase in a price stick of more than 25% and reached the level of $ 37.90.